Gap fends off retail apocalypse, climbs on earnings beat

Gap Inc.‘s stock climbed 6% to $24.57 a share after the company reported first-quarter profit that beat analyst forecasts.

The adjusted gain for the period was $0.36 per share, exceeding consensus estimates of $0.29 per share. The clothing retailer also reported quarterly revenue of $3.44 billion, beating an analyst forecast of $3.39 billion. Further, same-store sales climbed 2%, while estimates called for a 0.2% contraction.

“We are pleased with our positive comp and earnings growth this quarter,” president and CEO Art Peck said in a statement. “We’ve made substantial improvements in product quality and fit, and our increasing responsive capabilities are enabling us to better react to trends and demand.”